According to Chang'an Street Zhishi citing the Ministry of Public Security, mainland public security authorities, in collaboration with Hong Kong police, have dismantled a cross-border underground banking criminal syndicate, arresting over 170 suspects. Investigations revealed that the group set up shell companies in mainland China and Hong Kong, using methods like domestic and overseas 'mirror transactions,' fake trade, cash and gold smuggling, and virtual currency transactions to establish illegal fund transfer channels. These channels were used to facilitate cross-border fund transfers for crimes such as gambling and fraud. During the operation, mainland authorities froze over 15 million RMB (approximately $2.2 million USD) in funds, while Hong Kong police seized assets worth about 170 million HKD (approximately $21.7 million USD). https://www.(wublock123.com)/news/guangdong-hong-kong-police-have-dismantled-cross-border-underground-banks-and-used-virtual-currency-and-other-means-to-transfer-funds-69219